BANK-WISE
Payments Banks
Interim Leadership Transition at Fino Payments Bank Amid Regulatory Investigation
Ketan Merchant, the Chief Financial Officer (CFO), has been designated as the interim head to manage the bank's daily operations.
The change follows the arrest of the Managing Director and CEO, Rishi Gupta, under provisions of the Goods and Services Tax (GST) law.
The investigation centers on allegations of tax evasion through the supply of goods and services without the issuance of invoices.
Impact: This leadership shift aims to maintain operational stability while the bank addresses legal challenges related to fiscal compliance.
The change follows the arrest of the Managing Director and CEO, Rishi Gupta, under provisions of the Goods and Services Tax (GST) law.
The investigation centers on allegations of tax evasion through the supply of goods and services without the issuance of invoices.
Impact: This leadership shift aims to maintain operational stability while the bank addresses legal challenges related to fiscal compliance.
Key Facts / Static GK
Fino Payments Bank Headquarters: Mumbai
Founded: 2017
Regulator: Reserve Bank of India (RBI)
Founded: 2017
Regulator: Reserve Bank of India (RBI)
Practice Quiz — 2 March 2026
Q1. Who has been appointed as the interim head to manage the daily operations of Fino Payments Bank following the arrest of its CEO?
Answer: (B) Ketan Merchant — Ketan Merchant, who serves as the Chief Financial Officer (CFO), has been appointed as the interim head of Fino Payments Bank after the arrest of MD & CEO Rishi Gupta.
Q2. Which South Korean filmmaker has been appointed as the President of the Main Competition Jury for the 79th Cannes Film Festival?
Answer: (B) Park Chan-wook — Park Chan-wook is the first South Korean filmmaker to be selected to lead the main jury at the Cannes Film Festival.
Q3. Regarding the recently inaugurated semiconductor ATMP facility in Gujarat, which of the following statements is correct?
Answer: (C) It is the first proposal approved under the India Semiconductor Mission. — The Sanand facility by Micron Technology is indeed the first proposal approved under the India Semiconductor Mission (ISM) with an investment of over ₹22,500 crore.
Q4. Which authority launched the 'Government Bank Dashboard' and 'Government Bank Manual' to improve governance in handling government funds?
Answer: (C) Controller General of Accounts (CGA) — T.C.A. Kalyani, the Controller General of Accounts (CGA), launched these two initiatives to standardize banking procedures for government business.
Q5. From which country were the nine cheetahs recently brought to Kuno National Park in March 2026?
Answer: (C) Botswana — As per the announcement by Union Minister Bhupender Yadav, nine cheetahs were brought specifically from Botswana to Kuno National Park.
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